Dow Jones Announces Repurchase of Four Million Shares

Business Wire, June 4, 1998

NEW YORK--(BUSINESS WIRE)--June 4, 1998--Dow Jones & Company announced today the repurchase of four million shares of its common stock, or roughly 4.1% of the basic shares outstanding. The shares were purchased pursuant to a privately negotiated stock repurchase agreement with a financial institution, which borrowed the shares. The initial purchase price was $192.1 million, subject to a future market price adjustment.

To enhance its share repurchase program, the Company also sold puts covering an aggregate of one million shares of common stock. This transaction could obligate the Company to repurchase up to $47.8 million of its common stock over the next nine months.

Jerry Bailey, senior vice president and chief financial officer of Dow Jones said, "The transactions we are announcing today will enhance shareholder value over the long term, and earnings per share will be boosted immediately by the reduction in outstanding shares resulting from the repurchase of four million shares. We willcontinue to invest in Dow Jones shares-- and in our products and services-- as projected returns dictate."

The transactions announced today were undertaken pursuant to the recently announced authorization by Dow Jones' Board of Directors for the repurchase by the Company of up to $300 million of its common stock.

Dow Jones & Company (NYSE:DJ) publishes The Wall Street Journal and its international and Interactive editions, Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, Dow Jones Interactive and the Ottaway group of community newspapers. Dow Jones is co-owner of the CNBC television operations in Asia and Europe, and also provides news content to CNBC in the U.S.

http://www.dowjones.com

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